Hydrogen Storage Market by Storage Solution (Tanks, Cylinders), Storage Type (Physical Storage, Material-based Storage), Application (Fuel Cell, Chemical Production, Manufacturing, Oil & Gas), and Geography - Global Forecast to 2030

Hydrogen Storage Market by Storage Solution (Tanks, Cylinders), Storage Type (Physical Storage, Material-based Storage), Application (Fuel Cell, Chemical Production, Manufacturing, Oil & Gas), and Geography - Global Forecast to 2030

‘Hydrogen Storage Market by Storage Solution (Tanks, Cylinders), Storage Type (Physical Storage, Material-based Storage), Application (Fuel Cell, Chemical Production, Manufacturing, Oil & Gas), and Geography - Global Forecast to 2030.’

The research report titled ‘Hydrogen Storage Market by Storage Solution (Tanks, Cylinders), Storage Type (Physical Storage, Material-based Storage), Application (Fuel Cell, Chemical Production, Manufacturing, Oil & Gas), and Geography—Global Forecast to 2030’ provides an in-depth analysis of global hydrogen storage market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.

The global hydrogen storage market is projected to reach $33.8 billion by 2030, at a CAGR of 6.8% during the forecast period of 2023 to 2030. The growth of this market is driven by the increasing use of hydrogen storage tanks for transportation and the growing adoption of hydrogen storage facilities as an energy source for power generation. However, the high capital costs of hydrogen storage facilities restrain the growth of this market.

Furthermore, the rising government support for hydrogen production and the increasing demand for hydrogen-based fuel cells for vehicles is expected to create market growth opportunities. However, the high flammability of hydrogen makes storage a major challenge for market players.

The latest trends in the hydrogen storage market are the rising use of renewable energy sources for hydrogen production and the increasing use of hydrogen in oil refineries and chemical industries.

The hydrogen storage market is segmented by storage solution (tanks, cylinders, portable storage, and other storage solutions), storage type (physical storage [liquid, gas], material-based storage [adsorbent, metallic hydrides, complex hydrides, chemical hydrogen]), Application (fuel cell [fuel cell electric vehicles, power generation, boats and submarines, and aviation], chemical production, manufacturing, oil & gas, aerospace & defense, and other applications), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on storage solution, the hydrogen storage market is segmented into tanks, cylinders, portable storage, and other physical storage types. In 2023, the cylinders segment is expected to account for the largest share of the hydrogen storage market. The large market share of this segment is attributed to the versatility offered by cylinders in storing hydrogen in multiple forms, including gaseous, liquid, and solid states. Furthermore, the high-pressure storage capacity and cost-effectiveness of cylinders and the rising demand for zero-emission mobility solutions and associated infrastructure drive the adoption of cylinders for hydrogen storage.

However, the portable storage segment is projected to register the highest CAGR during the forecast period due to the increasing demand for fuel cell electric vehicles (FCEVs) as a sustainable mode of transportation, the need to transport hydrogen transportation across diverse locations and applications, particularly in areas lacking extensive pipeline infrastructure, and the rising initiatives focused on reducing Co2 emissions.

Based on application, the hydrogen storage market is segmented into fuel cell, chemical production, manufacturing, oil & gas, aerospace & defense, and other applications. In 2023, the fuel cell segment is expected to account for the largest share of the hydrogen storage market. The large market share of this segment is attributed to the increase in fueling infrastructure for diverse transportation and motive power applications and the increasing adoption of fuel cells in E-mobility to mitigate greenhouse gas emissions, reduce oil dependence, and lower air pollutants. Moreover, this segment is projected to register the highest CAGR during the forecast period.

Based on geography, the hydrogen storage market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the hydrogen storage market. North America’s significant market share is attributed to the increasing initiatives aimed at reducing greenhouse gas emissions, technological advancements in hydrogen storage facilities, the increasing adoption of fuel cell electric vehicles, and the utilization of renewable sources for hydrogen production. However, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period.

The key players operating in the hydrogen storage market include L’Air Liquide S.A. (France), Chart Industries, Inc. (U.S.), Linde GmbH (Germany) (A subsidiary of Linde plc), Matheson Tri-Gas, Inc. (U.S.) (A subsidiary of Nippon Sanso Holdings Corporation), Hexagon Purus ASA (Norway), Luxfer Gas Cylinders (England) (A subsidiary of Luxfer Holdings PLC), Merck KGaA (Germany), Hanwha Corporation (South Korea), Eutectix LLC (U.S.), HBank Technologies Inc. (Taiwan), SPG Hydrogen Co., Ltd. (South Korea), FIBA Technologies, Inc. (U.S.), American Elements (U.S.), NPROXX B.V. (Netherlands), Steelhead Composites, Inc. (U.S.), CALVERA HYDROGEN, S.A. (Spain), and Pragma Industries (France).

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of storage solution, storage type, and application?
What is the historical market size for the global hydrogen storage market?
What are the market forecasts and estimates for 2023–2030?
What are the major drivers, restraints, opportunities, challenges, and trends in the global hydrogen storage market?
Who are the major players in the global hydrogen storage market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global hydrogen storage market?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global hydrogen storage market, and how do they compete with other players?

Scope of the report:

Hydrogen Storage Market Assessment—by Storage Solution

Tanks
Cylinders
Portable Storage
Other Storage Solutions

Hydrogen Storage Market Assessment—by Storage Type

Physical Storage
Liquid
Gas
Material-based Storage
Adsorbent
Metallic Hydrides
Complex Hydrides
Chemical Hydrogen

Hydrogen Storage Market Assessment—by Application

Fuel Cell
Fuel Cell Electric Vehicles
Power Generation
Boats and Submarines
Aviation
Chemical Production
Manufacturing
Oil & Gas
Aerospace & Defense
Other Applications

Hydrogen Storage Market Assessment—by Geography

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Netherlands
Poland
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
Singapore
Australia & New Zealand
Indonesia
Rest of Asia-Pacific
Latin America
Middle East & Africa

Global Hydrogen Storage Market - Report Summary

Report Metrics	Details
Years Considered	2021 - 2030
Base Year	2022
Forecast Period	2023-2030
Page Count	220
Units Referenced	Value (USD Million)
Segments/Key Topics	Market by Storage Solution, Storage Type, Application
Regions Covered	North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa
Key Companies Mentioned	L’Air Liquide S.A. (France), Chart Industries, Inc. (U.S.), Linde GmbH (Germany) (A subsidiary of Linde plc), Matheson Tri-Gas, Inc. (U.S.) (A subsidiary of Nippon Sanso Holdings Corporation), Hexagon Purus ASA (Norway), Luxfer Gas Cylinders (England) (A subsidiary of Luxfer Holdings PLC), Merck KGaA (Germany), Hanwha Corporation (South Korea), Eutectix LLC (U.S.), HBank Technologies Inc. (Taiwan), SPG Hydrogen Co., Ltd. (South Korea), FIBA Technologies, Inc. (U.S.), American Elements (U.S.), NPROXX B.V. (Netherlands), Steelhead Composites, Inc. (U.S.), CALVERA HYDROGEN, S.A. (Spain), and Pragma Industries (France)

FAQs About the Report

What is the revenue generated from the sales of hydrogen storage globally? At what rate is their demand expected to grow for the next 5–7 years?

The hydrogen storage market is projected to reach $33.8 billion by 2030 at a CAGR of 6.8% during the forecast period.

Which application segment is expected to hold the major share of the hydrogen storage market in 2023?

In 2023, the fuel cell segment is expected to account for the largest share of the hydrogen storage market. The growth of this segment is attributed to the increasing adoption of fuel cells in E-mobility to mitigate greenhouse gas emissions, reduce oil dependence, and lower air pollutants.

What are the key factors driving the growth of the hydrogen storage market? What are the major opportunities for existing market players and new entrants?

The growth of this market is driven by the increasing use of hydrogen storage tanks for transportation and the growing adoption of hydrogen storage facilities as an energy source for power generation. Furthermore, the rising government support for hydrogen production and the increasing demand for hydrogen-based fuel cells for vehicles is expected to create market growth opportunities.

Who are the major players operating in the hydrogen storage market?

The key players operating in the hydrogen storage market include L’Air Liquide S.A. (France), Chart Industries, Inc. (U.S.), Linde GmbH (Germany) (A subsidiary of Linde plc), Matheson Tri-Gas, Inc. (U.S.) (A subsidiary of Nippon Sanso Holdings Corporation), Hexagon Purus ASA (Norway), Luxfer Gas Cylinders (England) (A subsidiary of Luxfer Holdings PLC), Merck KGaA (Germany), Hanwha Corporation (South Korea), Eutectix LLC (U.S.), HBank Technologies Inc. (Taiwan), SPG Hydrogen Co., Ltd. (South Korea), FIBA Technologies, Inc. (U.S.), American Elements (U.S.), NPROXX B.V. (Netherlands), Steelhead Composites, Inc. (U.S.), CALVERA HYDROGEN, S.A. (Spain), and Pragma Industries (France).